\u00a0<\/span><\/p>\n
\n
<\/p>\n
Steady
\nGrowth in Contracted Sales<\/b><\/p>\n
\n
<\/p>\n
In the first half of
\n2021, the impact of the novel coronavirus pandemic on the national real estate
\nmarket gradually weakened, and the abundant liquidity continuously unlocked the
\npreviously accumulated essential housing demand. With the Group’s precise
\nproject development plan, high-quality products, sufficient saleable resources
\nand efficient sales and marketing strategies, it successfully achieved
\ncontracted sales of RMB82.299 billion during the period, representing a
\nyear-on-year increase of 47.0%, and achieved 54.9% of the annual sales target
\nof RMB150 billion. <\/p>\n
\n
<\/p>\n
\u00a0<\/p>\n
\n
<\/p>\n
Sound Investment Focusing on Deep Penetration in First- and Second-Tier
\nCities<\/b><\/p>\n
\n
<\/p>\n
The Group adhered to the
\nstrategy of “regional penetration”, focused strategically on first- and
\nsecond-tier cities with strong fundamentals, and forayed into two core cities,
\nnamely Guangzhou and Hangzhou, further pushing the national layout development
\nand laying a foundation for sustainable high-quality development in the future.
\nDuring the period, the total gross floor area (“GFA”) of the Group’s newly
\nacquired land bank was approximately 3.56 million sq.m., of which 33%, 28% and 24%
\nwere located in three core regions, namely the Yangtze River Delta Region,
\nWestern Taiwan Straits Region and the Pearl River Delta Region, respectively,
\nwhile the rest was located in the Central and Western China Region and Bohai
\nRim Region. In terms of the tiers of cities, 90% of the newly acquired land
\nbank were located in first- and second-tier cities which had a vibrant economy
\nand considerable population. As at 30 June 2021, the Group had a land bank with
\nan aggregate GFA of about 29.30 million sq.m. in 35 cities in the PRC, of which
\n82% was located in first- and second-tier cities.<\/p>\n
\n
<\/p>\n
\u00a0<\/p>\n
\n
<\/p>\n
Decreased Financing Cost and Sound Financial Performance <\/b><\/p>\n
\n
<\/p>\n
In
\nthe first half of 2021, the Group successfully
\nseized several financing opportunities and continued to lead the industry in
\ngreen financing practice. During the period, the Group issued new green senior
\nnotes with an aggregate amount of US$1.26 billion and the average financing
\ncost declined to 6.7%. At the same time, the Group repaid and early redeemed
\nsenior notes with an aggregate amount of approximately US$1.08 billion. The
\nGroup’s weighted average financing cost of borrowings was further reduced to 6.35% at the end of the Period (end of 2020: 6.5%)
\nthrough the abovementioned debt swaps. As at 30 June 2021, the Group’s major
\ncredit ratios remained at an industry healthy level, including short-term debt
\nto total debt ratio of 28.5% (end of 2020: 29.1%), net debt-to-equity ratio of 57.2%
\n(end of 2020: 64.7%), cash-to-short term borrowing ratio of 2.2 times (end of
\n2020: 2.2 times) and liabilities to asset ratio (excluding advanced sales
\nproceeds) of 72.4% (end of 2020: 76.6%), it is expected that all “three red
\nlines” will be fulfilled.<\/p>\n
\n
<\/p>\n
\u00a0<\/p>\n
\n
<\/p>\n
The Group has been recognized
\nby credit rating agencies for its prudent financial management and overall
\nstrength. During the Period, Fitch Ratings, an international rating agency,
\nupgraded the Company’s rating outlook to “positive” and affirmed the Company’s issuer
\ncredit rating at “B+”. Moody’s maintained the Company’s credit rating of B1
\n(stable). In terms of domestic market, Zhenro Property Holdings Company
\nLimited, a wholly-owned subsidiary of the Company, was assigned “AAA” corporate credit rating (which is the highest
\nrating) with a “stable” outlook respectively by China Chengxin International
\nCredit Rating Co., Ltd. and Dagong Global Credit Rating Co., Ltd.<\/p>\n
\n
<\/p>\n
\u00a0<\/b><\/p>\n
\n
<\/p>\n
Good Corporate Governance and Exploration of ESG Practice<\/b><\/p>\n
\n
<\/p>\n
As a pioneer in implementing ESG philosophy in
\nthe real estate industry, the Group has incorporated ESG objectives into its
\nstrategic plan for long-term development. In terms of green development and
\nenvironmental protection, the Group has set the construction of
\nenvironment-friendly and green buildings as the focus of its internal
\nenvironmental protection policy, and invested in supporting innovative product
\ndesign, so as to effectively utilize materials, energy and space, etc., thus
\nprotecting the environment from the source. As at 30 June 2021, a total of 16
\nprojects of Zhenro Properties were granted “China 2 or 3-star green building
\ncertificates” with a total GFA of 1.69 million sq.m. In terms of green
\nfinancing, as at 30 June 2021, the Group issued green senior notes with an
\naggregated amount of US$1.81 billion to support the refinancing of its green
\nprojects covering green building, energy efficiency, renewable energy,
\nprevention and management of pollutants and management of sustainable water
\nmanagement. During the period, the Group received a BBB ESG rating from China Chengxin Lvjin (Beijing) Co.,
\nLtd., which was the highest rating given among the real estate enterprises
\nassessed in the year. In addition, the Post-issuance Stage Certificate from
\nHong Kong Quality Assurance Agency and a green evaluation score of E1\/86 (where
\nE1 was the highest rating) from S&P were granted for two green senior notes
\nissued in September and November 2020, respectively, which shows the
\nsignificant environmental benefits reaped from the green projects of the Group.
\nBesides, the Group also obtained several international awards and honors,
\nreflecting the Group’s investment value has been well recognized by all parties.<\/p>\n
\n
<\/p>\n
\u00a0<\/p>\n
\n
<\/p>\n
Looking ahead, <\/b>Mr. Huang Xianzhi, Chairman of the Board said,
\n“In the second half of the year, “stabilizing the land prices, property prices
\nand expectations” remains the main keynote of government policies. The recent
\ncontinuous adjustment and optimization of land supply policy are expected to
\nslow down the growth of land price, stabilize the housing price trend and
\npromote the long-term healthy development of the real estate industry.
\nConsidering the rigid housing demand arising out of the continuous advancement
\nof new urbanization and the demand for improved housing resulting from the
\nincrease in the proportion with stable income group, the prospect of the real
\nestate market remains promising in the long term. In addition, under the
\ninfluence of the policies of “three red lines” and two caps on real estate
\nloans and individual housing loans, the real estate industry will continue to
\ndeleverage comprehensively, and a differentiated financing environment has
\ngradually taken shape with the real estate enterprises with high leverage and
\nthose of small and medium size being under\u00a0greater capital and financing
\npressure. In order to achieve the goal of “high quality growth”, the Group put
\nforward the “four focuses” policy, and will continue to give full play to our
\nproduct, brand, capital, talent and operation advantages. Meanwhile, the Group
\nwill continue to fulfill its corporate social responsibility, strengthen its
\nESG work, and strive to become a high-quality and socially responsible
\nenterprise.”<\/span><\/p>\n
\n
<\/p>\n
<\/p>\n
\n
\n
1<\/sup>Defined as net profit excludes changes
\nin fair values of investment properties and financial assets, exchange gain or
\nloss, impairment losses and the relevant deferred taxes<\/i><\/p>\n<\/div>\n<\/div><\/div>\n\n
Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Focus on
High-Quality Growth
Profit Attributable to
Owners of the Parent up by 33.1%
Deep
Penetration in First- and Second-Tier Cities
Sound Financial Performance
\u00a0
Financial
Highlights:
RMB mn
\u00a0
For the six months ended 30 June
…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[60],"tags":[],"_links":{"self":[{"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/posts\/17078"}],"collection":[{"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/comments?post=17078"}],"version-history":[{"count":0,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/posts\/17078\/revisions"}],"wp:attachment":[{"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/media?parent=17078"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/categories?post=17078"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/eodishasamachar.com\/en\/wp-json\/wp\/v2\/tags?post=17078"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}